There are only 682 active listings in all of Halifax. With a population of 500,000, this is sure to put pressure on the market.
In the past few months, we started to see an increase in inventory, which was very hopeful for buyers. But, with these numbers, we cannot see an end in sight anytime soon for our seller’s market.
Sales have decreased in both single-family homes and condos in comparison to this time last year. This has been an ongoing trend over the past few months with rising interest rates and inflation. Even with fewer sales, prices continue to rise.
Properties are staying on the market slightly longer than this time last year. Even still, most seem to be selling in under one month. This is especially true when they are priced correctly. Pricing a property in this market is very complicated, as comparables from even two months ago are not accurate considering the shifts in interest rates and buying power nationally.
Sellers, price adjustments are to be expected - that being said, if you have owned your property longer than 5 years, you should make a great profit.
We are still far away from a buyer’s market, with only approximately 2 months of inventory currently on the market.
Licensed Real Estate Assistant
Keller Williams Select Realty